{
  "docId": "019dd923-622c-750b-8b98-639c191d3d92",
  "docSlug": "5f7b3bad7ba3",
  "documentTitle": "Realty Income Corp (O)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": null,
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2018-02-07 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 9,
  "pageCount": 46,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "Uses a before-after style comparison to highlight accounting discrepancies.",
  "elementsJson": [
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  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-639c191d3d92/9",
  "deckHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-639c191d3d92#slide-9",
  "components": [
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      "bbox": {
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        "x": 0.02,
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      },
      "kind": "callout",
      "text": "Our definition represents the true economic performance of the property base and therefore does not ignore vacancies. The magnitude of the overstatement is 2% which is the difference between growth vs. decline",
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    {
      "bbox": {
        "h": 0.03,
        "w": 0.45,
        "x": 0.02,
        "y": 0.96
      },
      "kind": "disclaimer",
      "text": "Source: Company Filings (4Q16 Supplement) and Spruce Point Methodology",
      "attrs": null,
      "subkind": null,
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      "componentId": "685331d1-03a6-475e-b494-7c74f9ce4688",
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      "bbox": {
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        "w": 0.18,
        "x": 0.01,
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      "kind": "legend",
      "text": "Distorted O Realty View vs Better Reflects Economic Reality",
      "attrs": null,
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      "confidence": null,
      "componentId": "7b6e5e59-cd93-46bf-9c1f-746bd51e81cf",
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    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Same Property Revenue Growth: -0.8%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0931-74b9-a336-6f58f52c5a6d",
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      "bbox": {
        "h": 0.41,
        "w": 0.77,
        "x": 0.21,
        "y": 0.41
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      "kind": "table",
      "text": "2016 SSR Performance (O Realty Defined) vs 2016 SSR Performance (Spruce Point Adjusted)",
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      "subkind": "data",
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        "w": 0.65,
        "x": 0.33,
        "y": 0.02
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      "kind": "title",
      "text": "Same Property Revenues Are Declining, Not Growing As O Realty Portrays",
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  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "17b1de98-72a4-4eae-9c1a-bcf42a327417",
      "evidence": "Contrasting company-reported metrics with adjusted metrics to reveal overstatement.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 29,
      "from": 6,
      "beatId": "2552a7fa-f225-47e1-83f1-b97099e2b2ae",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "Evidence of A Deteriorating Business Model, Same Property Revenues Are Declining, Not Growing As O Realty Portrays, etc.",
      "position": 1,
      "confidence": 0.9,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
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  ],
  "loops": [
    {
      "to": 10,
      "from": 8,
      "name": "Before After",
      "slug": "21-before-after",
      "bestFor": "Product demos, process improvements, ROI justification",
      "matchId": "3e0c7cef-b628-4e44-b4b6-8b0e469d2410",
      "evidence": "The Virtuous Circle Gone Bad, O Stock Price vs. 10 Year Yield",
      "position": 1,
      "objective": "How does the interest rate cycle affect Realty Income Corp.'s stock price?",
      "structure": "The Old Way (Pain) -> The Moment of Change -> The New Way (Glory) -> The Measurable Delta",
      "confidence": 0.7,
      "description": "Show the dramatic contrast between the old way and the new way through side-by-side comparison"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}